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Come Backer Trading
Info
The Come Backer Trading is a Script for MetaTrader 5 that description in an assumption that prices have a tendency to visit previous highs/lows frequently in short-term, this script determines the highest and the lowest prices for last x bars, if highest is the last it opens buy order otherwise it opens sell order. default take-profit is highest for buy order, lowest for sell order.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Scripts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Come Backer Trading
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
Description in an assumption that prices have a tendency to visit previous highs/lows frequently in short-term, this script determines the highest and the lowest prices for last x bars, if highest is the last it opens buy order otherwise it opens sell order.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Script works on MetaTrader 5. Place the file in the MQL5/Scripts folder and restart the terminal.
Description & Settings
Related: Demo File Tell - another powerful script for MetaTrader 5 traders.
Description
in an assumption that prices have a tendency to visit previous highs/lows frequently in short-term, this script determines the highest and the lowest prices for last x bars, if highest is the last it opens buy order otherwise it opens sell order.
Also recommended: Open Buy Limit Order - similar script with strong performance on MetaTrader 5.
default take-profit is highest for buy order, lowest for sell order. it can be expanded or shrinked by modifying additional profit input parameter. positive values for expansion, negative values for shrinking. be aware of limits.
default stop-loss is determined by profit/loss ratio input parameter. take-profit range divided by this ratio gives stop-loss. 2 means half of take-profit range, thus 2:1 profit/loss ratio.
Input Parameters
Bar Count: number of past bars to evaluate highest and lowest prices. highest/lowest price in past 20 bars.
Profit/Loss Ratio: stop-loss is calculated by dividing take-profit in pips by PL ratio. 2 means half of take-profit.
Additional Profit: expand or shrink take-profit other than highest/lowest by offseting.
Lots: lots.
Warning
script won't work correctly if you enter inputs out of limits.
script won't work correctly if current price is highest or lowest of past bars.
You may also like: PH S B Screener - excellent alternative for script users on MetaTrader 5.
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.